Why Did Bitcoin’s (BTC) Price Drop to $62K? Key Factors Behind the Monthly Low

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Bitcoin's recent price decline can be attributed to several factors. Miners have sold over 30,000 BTC (around $2 billion) since early June 2024, primarily on exchanges, increasing selling pressure.

Additionally, the FED's liquidity turned negative in the past two weeks, impacting Bitcoin as reduced liquidity generally hurts risk assets. Consistent outflows from Bitcoin ETFs over the past week have further added to the selling pressure, with fewer new investments entering market.

Moreover, the Inter-Exchange Flow Pulse (IFP) indicator, which tracks the movement of Bitcoin from spot to derivative exchanges, has been falling, signaling bearish sentiment. Historical trends suggest that June might again be the month Bitcoin finds its bottom.

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